The latest Digital Publishers’ Revenue Index (DPRI) from the Association of Online Publishers (AOP) and Deloitte reveals that participants’ revenues grew by 4.24% year-on-year (YoY), marking the third consecutive quarter of increases. Total revenues for the quarter were £159.73 million, with an even split between publishers that reported revenue growth and those that reported declines.
Growth was bolstered by a surprise 3.88% YoY uplift in display advertising, bucking the category’s persistent downward trend with its first revenue increase since Q3 2022. Subscription revenues continued their upward climb with an 11.55% YoY increase. While Q1 2025 saw subscription revenues surpass display advertising for the first time and Q2 had them neck-and-neck, display’s unexpected growth in Q3 has returned it to being the largest revenue category, at £60.2 million compared to £54.66 million for subscriptions.
Among smaller categories, video, off-platform, and sponsorship returned the most substantial YoY revenue increases, at 20.08%, 15.63%, and 15.37% respectively. Following a sustained period of growth, digital audio revenues fell by 4.47% YoY, though this is following unprecedented 72.90% growth the prior quarter. Big swings were seen in classifieds, with recruitment classified plummeting by 94.08% YoY while “other” classified increased by 117.59% in a near total transference of revenues.
While total revenues continue to show growth, the distribution of this growth remains top-heavy. A third (33%) of respondents reported YoY growth of more than 25%, the highest proportion since Q4 2021. However, half (50%) of respondents reported declines, demonstrating that overall growth trends are being carried by a load-bearing few.
There have been significant shifts in future growth strategy, with all respondents prioritising advertising revenues, up from 75% the prior year, while just 50% are prioritising non-advertising revenues, down from 100%. The proportion of respondents planning to expand by acquisition increased from 25% to 100%, and those planning cost reductions increased from 75% to 100%.
Andy Cowen, lead partner for telecoms, media and entertainment at Deloitte, said: “It's encouraging to see a resurgence in display advertising, complementing the continued strong performance of subscription revenues. While overall growth is positive, the distribution of that growth highlights the underlying challenges in the sector, with publishers focusing on advertising and exploring acquisitions to adapt and succeed in a changing digital landscape.”
Richard Reeves, managing director at AOP, commented: “It’s fantastic to finally see both of the major revenue drivers for digital publishing return to growth. Though it’s too early to tell whether this marks a lasting change in fortunes for display advertising, I hope this is the start of publishers enjoying the best of both worlds following years of work in revenue diversification. If subscription growth becomes complementary rather than compensatory, then we will no longer have to fear an eventual subscription plateau.”
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